- (1.) Way back in the year 1978, to be exact on 5 July 1978 the plaintiffs who are 12 in number instituted this suit in this Court seeking leave under Clause 12 of the Letters Patent to institute the suit and claiming a decree for Rs.4,34,21,553.00/- against the first defendant, in the alternative the reasonable price of the shares of the plaintiffs "in and of Bikaner Gypsum Ltd., now known as Rajasthan State Mines and Minerals Ltd., the second defendant herein after determination of such price by this Court, in the further alternative cancellation of the transfer of shares belonging to the plaintiffs to the first defendant and restitution of original status and retransfer of those shares to the plaintiffs on such terms to be determined as fit and proper by this Court.
(2.) The case of the plaintiff as stated in the plaint appears to be that the plaintiffs were the registered owners of the ordinary shares in Bikaner Gypsum Ltd. now known as Rajasthan State Mines and Minerals Ltd. (in short, the second defendant) herein. The particulars of the shares held by the plaintiffs are mentioned in a schedule annexed to the plaint. The first defendant herein, namely State of Rajasthan acquired shares of the second defendant from time to time and by April 1978 shareholding of the first defendant became nearly 50% of the total issued and paid up capital of the second defendant.
(3.) The second defendant as it then stood and named as Bikaner Gypsum Ltd., needed financial assistance and the first defendant provided such financial assistance by way of loans and guarantees.;